Bitcoin Acquires Over 50 Percent Crypto Market Share
Posted By : Anirudh Bhardwaj | 30-May-2017
There’s no denying that Bitcoin rules the entire Cryptocurrency landscape. With a market cap of nearly $37.5 billion, it’s still way ahead of the other popular altcoins like Litecoin, Ripple and Monero. However, many people were of the opinion that the magic of Bitcoin is somehow fading especially with the emergence of new cryptocurrencies like Ethereum that took the whole world by storm in the recent years. For the first time in history, the share of Bitcoin had dropped down to 46 percent in the Crypto Market. But after a bumpy trip, the Bitcoin has made a solid comeback acquiring more than 50% of the Crypto Market Share once again.
The Downfall of Ripple
The world famous altcoin, Ripple had been on a magical journey several weeks backs. Lately, the market cap of Ripple had gone beyond $17 billion swallowing over 25 percent of the market share. However, the last one week has been awful for Ripple as it has lost more than 60 percent of its value in terms of BTC. The market cap of Ripple has also fallen sharply and it now adds up to $8.83 billion. The downfall of Ripple is one of the major driving factors behind the Bitcoin acquiring the 50 percent share in the crypto market once again.
Also read Why Bitcoin Transactions Are Being Delayed.
The Rat Race Continues
Despite of being the world’s most extensively used Cryptocurrency, Bitcoin faces immense competition from the other popular Altcoins as already told. While on one hand, the BTC price is rising beyond expectations, it’s also losing its charm as the new Altcoins are getting more and more popular. Also, some persisting issues in Bitcoin have long been avoided, the most severe one of which is the scaling difficulty due to block size limit. Due to scaling issues, the Bitcoin transactions are continuously being delayed which has also led to an increase in the transaction fees. This is one of the reasons why the Bitcoin users are moving toward the other cryptocurrencies.
Bitcoin price today, has reached an all-time-high. However, you might not have noticed yet the price of almost all the popular Altcoins is rising. Ethereum is leading the race with a whopping price value of $208 at the time of writing and the market cap of the latter has also reached $19 billion. With this, Ethereum alone acquires more than 20 percent of the total Crypto market share.
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About Author
Anirudh Bhardwaj
Anirudh is a Content Strategist and Marketing Specialist who possess strong analytical skills and problem solving capabilities to tackle complex project tasks. Having considerable experience in the technology industry, he produces and proofreads insightful content on next-gen technologies like AI, blockchain, ERP, big data, IoT, and immersive AR/VR technologies. In addition to formulating content strategies for successful project execution, he has got ample experience in handling WordPress/PHP-based projects (delivering from scratch with UI/UX design, content, SEO, and quality assurance). Anirudh is proficient at using popular website tools like GTmetrix, Pagespeed Insights, ahrefs, GA3/GA4, Google Search Console, ChatGPT, Jira, Trello, Postman (API testing), and many more. Talking about the professional experience, he has worked on a range of projects including Wethio Blockchain, BlocEdu, NowCast, IT Savanna, Canine Concepts UK, and more.